A much-anticipated statement on the UK’s tax and spending will now take place two weeks later than planned. The economic plan was due next Monday, but will now take place on 17 November as a full Autumn Statement - which will look and feel like a budget. Chancellor Jeremy Hunt said the delay would ensure it is based on the “most accurate possible” economic forecasts.
The statement was originally scheduled for 23 November by the previous chancellor Kwasi Kwarteng, after the mini-budget pushed up UK government borrowing costs. It was then pulled forward to 31 October in a bid to calm financial turmoil, but will now be pushed back after Mr Sunak’s entry to No 10.
After Mr Hunt’s appointment by Liz Truss, he abandoned almost all of the tax cuts in the mini-budget announced by Mr Kwarteng. Mr Hunt said the economic plan would be “upgraded” to a full autumn statement, suggesting wider tax decisions will be announced.
I don’t blame him for the delay - any figures supplied by the Truss/Kwarteng administration willl have no validity … 